Establishes a sixteen-member Legislative Study Commission (Commission) to study issues related to public-private partnerships (PPPs), including examination of the appropriate authority for state, regional, and local government units to engage in PPPs for public capital projects through a regulatory framework. Specifies the composition of Commission, appointive authorities, and procedures for filling vacancies. Requires the Commission to include and consult with the Secretary of Transportation, the North Carolina Turnpike Authority, the State Treasurer, the Local Government Commission, the State Construction Office, the North Carolina Association of County Commissioners, the North Carolina League of Municipalities, and the North Carolina School Boards Association in its deliberations. Authorizes the Commission to contract for professional, clerical, or consultant services and directs the Legislative Services Commission, the House of Representatives and Senates Directors of Legislative Assistants to assign professional and clerical staff to the Commission to assist it in its work. Allows the Commission to report its recommendations and proposals to the 2012 Regular Session of the 2011 General Assembly on or before its convening.